The Association of Oil Marketing Companies (AOMCs) in Ghana forecasts a marginal reduction in petrol and diesel prices starting September 16, contingent on the stability of the cedi against the US dollar.
On JoyNews’ PM Express on September 5, Riverson Oppong, CEO of the AOMCs, indicated that recent stability in factors influencing petrol prices could lead to a decrease at the pumps. Current prices range from GH¢13.63 to GH¢14.35 per litre for petrol and GH¢13.99 to GH¢14.60 for diesel.
Oppong noted that if the stability in these variables persists, a reduction in prices is likely. He emphasized that the performance of the cedi will be crucial in the price review process.
Addressing criticism about delays in price adjustments, Oppong explained that any delay in reviewing pump prices is not intended to shortchange consumers. He also highlighted the association’s efforts to improve service quality and ensure adherence to high standards for product storage at service stations.
Oppong asserted that the sector is highly regulated by the National Petroleum Authority and Ghana Standards Authority, and expressed frustration over recurring product quality issues.
In August, OMCs reduced petrol and diesel prices, but a similar reduction in Nigeria remains uncertain. On September 2, the Nigerian National Petroleum Company (NNPC) Limited raised petrol prices to N855 per litre from N600, citing deregulation and market forces as reasons for the increase.
